Alaska Real Estate Exam prep 1 Flashcards

Alaska Real Estate Exam prep #1 Flashcards A newly divorced woman wants to purchase a townhouse she offers her diamond engagement ring that was recently appraised for $ 3500 , in lieu of cash for the earnest money . In this situation the selling broker is responsible for keeping the ring in a secure place and Disclosing to the listing broker and seller that a non - cash earnest money is binding the offer In Alaska , applications for any real estate license MUST be submitted with the original score report form and the " Salesperson by Examination " form signed by an employing broker and accomplished by A certificate of completion of the required pre - licensing education A routine audit of a broker's trust account MUST be conducted between 8am and 5 pm Monday through Friday , and the investigator / auditor MUST give the broker at least 72 hours prior notice Maria successfully completed her real estate education requirement and passed the exam on November 1 , 2008.What is the latest date on which she may apply for a salesperson's license ?May 1 , 2009 (6 ) Regarding listing agreements in Alaska , which of the following could result in the suspension or revocation of a licensee's license to practice real estate ?Specified commission rate A broker has entered into a listing agreement with the seller . A cooperating broker , who has been working with a buyer , learns of the property through the MLS . Typically the cooperating broker would represent The buyer as a licensee The Alaska Real Estate Commission receives an application for a real estate salesperson's license from a " retired " developer / general contractor . He answered " no " to a question about ever having a professional license denied , revoked , of suspended . When processing the application , the licensing examiner reviewed his contractor's license file and found the contractor's license renewal was denied because of delinquent child support payments . The commission has grounds for denying the license because the applicant Gave false information on the application A real estate licensee has signed a brokerage agreement with a tenant who is looking for an apartment to rent . The licensee does not charge a fee to prospective tenants ; rather , the licensee receives a commission from the landlords . The licensee tells a landlord that the prospective tenant could probably pay a somewhat higher rent than the landlord is asking . Which of the following is true ?The licensee's disclosure violated the fiduciary duties owed to the tenant

A real estate salesperson decides to sell his own property .The salesperson MUST do ALL of the following EXCEPT Pay a listing commission A license has entered into neutral licensee relationship agreements with both a seller and a buyer . The buyer is interested in making an offer on the seller's property Can this occur ?Yes , if the buyer and seller both give their written consent to the neutral licensee relationship and sign the " Waiver of the Right to be Represented " A broker's unlicensed assistant worked late one night and weekends to help ensure the successful closing of a difficult transaction . The assistant's extra work included making several phone calls to the prospective buyers and encouraging them to accept the seller's counteroffer .Largely because of the assistant's efforts , the sale went through with no problem . Now the broker wants to pay the assistant a percentage of the commission , " because the assistant has really earned it . " Under Alaska law , the broker may Not pay a commission to the assistant under the facts presented here . They are both in violation of rules regarding unlicensed assistants A seller completes a property disclosure form indicating that there are no known structural problems with his split - level home . The broker , knowing that this family has frequently had water in the lower level during spring break - up , asks if the foundation has been resealed . The seller says " no , but we have painted and installed new carpeting , so it looks good now . " What should the broker do if the seller refuses to disclose the water problem ?Refuse to list the listing A licensee who allows his / her license to lapse may not practice , however , if all other conditions are met , the license may be reinstated without monetary penalty up to

• years

A broker signs a listing agreement with a seller . The

agreement contains the following clause : " if the property

has not been sold after three months . from the date of the signing , this agreement will automatically continue for additional three - month periods thereafter until the property is sold . " Based on these facts , the agreement Is under Alaska law , because it contains a reference to a specific time limit In Alaska , a broker may have his / her license suspended or revoked for all of the following actions EXCEPT Depositing prepaid rents and security deposits for one landlord into the firm's trust account A broker of an office with 20 licensees has scheduled a personal vacation . To ensure that there is adequate supervision of these licensees during his / her absences , the Alaska license law provides that he / she designate a person to be in charge and notify the real estate commission of his / her designee . The designee may be a

• n )

Associate broker in that office A broker who wishes to place a " For Sale " 72. sign on a listed property MUST first .Obtain the consent of the owner of the property

Seller property condition disclosures MUST be delivered to the buyer Prior to the buyer's making a written offer Officers of a corporation MUST give the person who employed as a broker , for the corporation , the exclusive authority to maintain the real estate trust account ( s ) , to pay commissions for licensed activities and to maintain transaction records in accordance with the statute and to Hire and fire licensees Regarding the licensing and duties of unlicensed personal , real estate assistants in Alaska , may Insert factual information into form contracts under the licensed employer's supervision and approval At 8 pm on March 3rd , a seller countered an offer on his home giving the prospective buyer 48 hours to respond to the counteroffer . At 1030 am on March 4th , a broker from another office notifies the listing office that he has an offer on the same property . The listing broker should tell the second broker that there is already an offer that has been countered But since the first offer has not been accepted , he will present the second offer as soon as possible Which of the following persons MUST have an active real estate license in order to transact business ?Person who negotiates the sales of entire businesses , including their stock equipment and buildings , for a promised fee Resident A real estate licensee MUST give the AREC 52. Consumer Pamphlet licensee relationship disclosure statement to prospective purchasers / tenants Before they are shown any property A buyer and seller have failed to agree on transaction terms and both want to rescind the transaction , but neither is willing to release the earnest money or submit to mediation or arbitration . According to Alaska law , the broker MUST Determine which party is responsible for the transaction failure and give the money to the appropriate party A buyer is interested in seeing a house listed with XYZ Realty but does not wish to enter into a neutral licensee relationship . A salesperson from LMN Realty can show the buyer the house if The buyer signs an AREC Consumer Pamphlet stating that LMN Realty represents the buyer and has XYZ Realty's permission to show the property A real estate broker representing the seller knows that the property has a cracked foundation and that its former owner committed suicide in the kitchen two years ago . The broker MUST disclose The cracked foundation , but disclosing the suicide could constitute a breach of duty to the client When a salesperson decides to terminate his / her affiliation with the employing broker , the terminating broker MUST sign and date the license and Return it to the Alaska Real Estate Commission With regard to convicted sex offenders , real estate licensees in Alaska are REQUIRED to Inform buyers of where they can check the public records to learn the current addresses of registered sex offenders A person MUST be licensed as a real estate broker or salesperson if that person is Arranging exchanges of real property .Three weeks before Neil begins his real estate pre - licensing class , he offers to help his neighbor sell her house . The neighbor agrees to pay him a five percent

commission . An offer is accepted while Neil was taking the class and closes the day before he passes the examination and receives his salesperson's license . The neighbor refuses to pay Neil the agreed commission . Can he sue to recover payment ?No , state law prohibits lawsuits to collect commission unless the injured party is a licensed broker and the license was in effect before , the agreement was reached